VANCOUVER, BC / ACCESSWIRE / June 12, 2020 / International Millennium Mining Corp. (TSXV:IMI) (the "Company" or "IMMC") reports that further to the extension announced on May 21, 2020, the Company has closed the non-brokered debenture financing announced on March 31, 2020 (the "Financing") in the amount of $75,000.
Under the terms of the Financing, the Company will issue convertible unsecured debentures at a price of C$1,000 per unit, with each debenture unit consisting of a C$1,000 principal amount 24-month 12% unsecured convertible debenture of the Company (a "Debenture"). The Debenture will be convertible into units at $0.05 principal amount outstanding per unit for the first twelve (12) months of the term and at $0.10 per unit for the remaining twelve (12) months until maturity. Each unit consists of one (1) transferable common share and one (1) common share purchase warrant (together a "Conversion Unit") (resulting in 1,500,000 Conversion Units). Each warrant will entitle the holder to purchase one (1) common share of the Company at an exercise price of $0.05 per share for the initial twelve (12) months and $0.10 per share for the remaining twelve (12) months of the term.
Following receipt of the Exchange's final acceptance, the Company will issue 75 Debentures for gross proceeds of C$75,000. All securities issued under the financing are subject to a four month hold period, expiring October 13, 2020. The Debentures were sold on a non-brokered private placement basis.
The Company is in discussions with certain parties to enter into a private placement.
IMMC also announces the resignation of chief financial officer Calvin Lucyshyn. Mr. Lucyshyn is stepping down to pursue other interests and responsibilities. The Company wishes to thank Mr. Lucyshyn for his time with the Company. The Company has appointed Robert Drago, Company Director and Audit Committee Chair, as interim chief financial officer as it searches for a new chief financial officer.
International Millennium Mining Corp. (TSX-V: IMI) is focused on the exploration and development of its Silver Peak silver-gold project in southwest Nevada. The Company's common shares trade on the Exchange under the symbol: IMI.
ON BEHALF OF THE BOARD
"John A. Versfelt"
John A. Versfelt
President and CEO
Further information about the Company can be found on SEDAR (www.sedar.com), the Company's website (www.immc.ca) or by contacting Mr. John Versfelt, President & CEO of the Company at 604-527-8135.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: International Millennium Mining Corp.
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